ARK Invest bought $15.6 million shares of ether treasury company Bitmine Immersion Technologies (BMNR) on Wednesday.

The St. Petersburg, Florida-based investment manager added a total of 339,113 BMNR shares to three of its exchange-traded funds (ETFs) — Innovation (ARKK), Next Generation Internet (ARKW) and Fintech Innovation (ARKF) — according to an emailed notification.

Bitmine shares fell 7.85% to $46.03 on Wednesday.

The company, led by Fundstrat's Tom Lee, is one of the largest corporate holders of ether, having purchased over 1.7 million tokens, worth just under $8 billion at current prices.

The Cathie Wood-led Ark Invest often loads up on shares in companies when their shares take a hit and offloads them when they've enjoyed a surge to maintain its targeted weighing of different holdings within its ETFs.

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